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What Can an Asset Management Software Solution Offer?

1. Properties, Facilities or Buildings Management

5 to 20% of overall fixed asset costs are contributed by properties, facilities or buildings which are quite often referred to as fixed assets.

A property asset management software will help in recording the purchase price, appreciation or depreciation, and disposal price of your fixed assets.

Most accounting standards like GAAP, IFRS, BSI require you to disclose all your assets on your annual return to companies house. Hence, most organisations use an asset management solution to accurately track the value of their assets.

Apart from the financial requirement, properties and facilities require frequently planned and preventative maintenance, cleaning, security management, visitor tracking and energy management to be operational. An asset management system will help you schedule, record and report on these activities.

A modern property asset management software will provide a framework to:

Develop and maintain an effective Fixed Asset Register

Calculate the appreciation or depreciation of fixed assets

Schedule, track and monitor maintenance activities

Record cleaning activities

Manage workplace layout

Track visitors and occupants for safety and security

Energy management of properties

2. IT Assets Management

Businesses get a lot of value from knowing the exact location, status, user, usage and license renewal of IT Assets. A cloud-based IT Asset Management System helps businesses to maintain an accurate IT Asset Register.

Software Asset Management helps businesses to reduce cost of software ownership, optimise the number of software assets required, and maintain compliance with vendor contracts.

Tagging, Tracking and Reporting on hardware assets assists with the procurement and disposal of hardware assets. Importantly, businesses get to know “who has which hardware”.

A contemporary IT Inventory Management Solution will provide:

On-demand view of your IT Inventory

Manage entitlements and endpoints

Get to know the usage of your Cloud and On-Premise IT Assets

Ringfence your IT Network to be cyber safe

Monitor compliance with software vendor contracts

Easily know “what you have and who is using it”

3. Equipment and Machinery Management

Downtimes in equipment and machinery can cost 3 to 18% of total revenue. So businesses like to maximise uptime of their machinery.

An asset management software provides a framework that you can schedule for planned, preventative and reactive maintenance. This includes scheduling maintenance, organising internal and external maintenance engineers, issuing work orders, arranging spare parts and disposal. Asset management tools that specialise in equipment and maintenance management are called Computerised Maintenance Management Systems (CMMS).

Maintaining equipment and machinery, production targets and company targets are interlinked. Most modern cloud-based asset management tools will help you in organising your planned and preventative maintenance in such a way that it has minimal impact on production and company targets.

Another element catching-up pace is Industrial Internet of Things (IoT). Modern equipment and machinery transmit operating conditions like temperature, pressure, service status etc. about themselves. IoT friendly solutions can capture this data from the cloud and provide insightful and actionable reports to increase uptime of the machinery.

An effective computerised maintenance management system will help you to:

Schedule planned and preventative maintenance activities

Assign jobs to internal and external maintenance engineers

Order replacement parts

Optimise maintenance costs

Effectively manage reactive maintenance activities

Improve age and uptime of your equipment and machinery

4. Stock or Inventory Management

Asset tracking capabilities of an asset management system are quite often used to track stock and inventory, just like buildings, properties and facilities (typically referred to as fixed assets). The UK Accounting practice requires companies to declare their assets on their balance sheets which include the stock/inventory an organisation holds. Hence, businesses like to record all their assets in one place called an asset register.

The technology used in tracking your stock and inventory can be RFID, Barcodes and NFC. Quite often, a hand-held scanner is used in reading an asset.

Typically, inventory is connected with users, location and projects. In some cases, it can be leased as well.

A modern cloud-based asset management tool allows companies to know the detailed status of all their stock and inventory and will help you to:

Eliminate or reduce unknown assets

Track leased and owned inventory

Use RFID, Barcodes and Handheld scanners to Tag, Track and Report on your stock and inventory

5. Fleet Management

Just like properties and inventory, modern asset management tools can help you track the location of your fleet assets. The technology often used in tracking fleet assets is Global Positioning System (GPS).

Asset Management Tools specialised to manage fleet are called fleet asset management tools. They provide more than just tracking; elements like the speed of your individual asset, if the driver of your movable asset adhered to all the defined rules and protocols can also be scheduled and monitored.

A cloud-based fleet asset management solution will:

Track the location of your fleet assets

Track speed and traffic compliance of your fleet assets

Optimise pick-up and delivery routine

Reduce fleet maintenance costs

6. Digital Assets Management

Files, Images, Videos and Intellectual contents need to be stored in a way that is both protected and also easy to find. Digital asset management system provides a framework to organise, search, share and protect your digital assets.

An impactful Digital Asset Management System will help you to:

Develop and Maintain a common “go-to” place for your digital assets

Organise access based on requirements

Protect IP by ring-fencing your digital assets

Avoid duplication of digital assets

Optimise storage costs for your digital assets

7. Bespoke Assets Management

Defence, Infrastructure, National and Complex assets are typical examples of bespoke assets. The protocols required to manage bespoke assets are unique. Modern asset management tools offer the flexibility required to capture unique ways of managing special assets, yet at the same time provide the framework to report on assets that meet standard accounting rules.

A modern Asset Management System will help you to:

Develop bespoke asset management protocols

Optimise maintenance costs

Increase age and uptime of bespoke assets

Calculate appreciation and depreciation of bespoke assets

Knowledge Guides to Improve Your Asset Management

Date 19th Sep 2019
7 Benefits of Asset Management to Enhance Your Business

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Date 28th Nov 2019
How to Eliminate Ghost Assets With Asset Management

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Date 16th Oct 2019
The Benefits of Small Business Asset Management Software

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Date 19th Dec 2019
10 Key Asset Management Software Features for Small Businesses

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Date 6th Dec 2019
A Complete Guide to Property Asset Management and its Many Benefits

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Date 10th Oct 2019
Analysing the Asset Life Cycle From Planning to Disposal

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Date 10th Oct 2019
5 Key Enterprise Asset Management Considerations

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Date 30th Oct 2018
Cloud Based or On-Premise Asset Management Software

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Date 28th Nov 2019
How Local Councils Can Benefit from Effective Asset Management

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Faq’s

Frequently Asked Questions

Q A
What problems does an asset management software solve?

1. Provides you with total control of your assets. Lack of control of your assets leads to confusion and lack of confidence in your operations. This affects day-to-day tasks of facilities, operations and finance managers. An asset management tool if implemented correctly gives you total control of your assets. By control, we mean you can

  • Assign,

  • Turn on/Turn off,

  • Move locations,

  • Assign projects and people to your assets as your requirements.

2. Offers visibility and status for each of your assets. Any asset changes made by any team member needs to be visible. Otherwise, operational delay is guaranteed. An asset management tool if configured and implemented correctly will provide you with information like

  • Location changes,

  • User changes,

  • Status updates,

  • Assets checked-in and checked-out,

  • Rental information and

  • Many other location, user, project and product oriented information which will offer you visibility and hence confidence in your asset management plans.

3. Provides reporting on your asset management processes. So that you can optimise your operational costs. Needless to say businesses buy assets to make revenue. The amount of revenue you make from each of your assets depends on how your assets deliver on your processes. This means there is a consistent requirement to know the location, status, service schedule, operational schedule and users of your assets. An asset management tool if setup correctly will offer you consistent reporting on the performance of your assets. This will help you to enhance your asset management and achieve your KPI’s consistently.

Q A
How do I Find the Best AMS Solutions?

When it comes to finding the best asset management software solutions for your business, there are many variables to take into consideration. The key to understanding what management software suits you best is to first understand the need for asset management in your business.

For example, although most modern management systems include a variety of tracking features, a vehicle and transport company may only want to track its fleet and nothing more. Therefore, the best software solution for this business would be mainly focused on tracking.

Whereas, an enterprise with thousands of assets across multiple sites may want to analyse data trends and effectively plan maintenance and repair schedules for all assets. Therefore, a complete asset management system would be the best choice.

So, it’s important to remember that what may seem like the best asset management software solution for one business, may not be the best option for your business.

Q A
How do we Compare Asset Management Software at Comparesoft?

Here at Comparesoft, we rely on maintenance experts, natural language processing and machine learning to identify and match asset management products to your requirements. Once this process is completed, you are then presented with a list of results that allow you to shortlist and compare asset management software products.

In essence, we blend human experience and artificial intelligence to identify the best products based on your requirements. This has worked well for both us and our customers, as so far we’ve helped over 1500 customers to shortlist and compare asset management software.

To ensure that the products we recommend feature the best quality standards to meet your requirements:

We ask every asset management software vendor listed on our website to demo their product to us. This allows you, the customer, to see all of the strengths and differentiators of each product.

We rank and recommend each product based on verifiable data and the feedback from past customers who have used the asset management product found on Comparesoft.

Q A
Should I Implement Asset Management for Small Business?

Although you may not be at the helm of a £50 million company, you can still take advantage of the great features and tools offered by asset management for small business. With tighter budgets across a workforce of fewer than 50 people, effective asset management can really help small businesses get the most out of their limited resources.

For example, let’s consider a small printing agency that has two litho printers and three digital printers. Even though the number of assets is minimal, this small business still needs to be managed effectively. Why? Because these printers are worth a great deal to the business. If one of these printers fails, that company would be operating at 80% capacity.

But, with effective asset management, this business can harness all of the valuable asset data and manage their assets much more efficiently. Through an asset management system, they can even include alerts for planned maintenance and repairs to reduce costly asset downtime.

Q A
How Could Cloud-Based Asset Management Enhance my Business?

Nowadays, most modern software vendors will have a cloud-based asset management feature installed as a standard tool. By incorporating cloud into management systems, businesses are then able to manage assets with more efficiency. As opposed to non-cloud-based asset management systems, such as a spreadsheet.

Although, it is important not to confuse this feature with Cloud Asset Management (CAM), which focuses solely on the management of a business’s entire cloud estate. Whereas an example of a cloud-based asset management feature could be an app for storing and accessing asset data. All asset data can be stored and accessed by employees at any time and anywhere via mobiles, tablets and desktops.

Other benefits of cloud features in asset management include accessing the real-time location and data of assets. This could not only be beneficial to an asset manager but also employees that need access to assets, such as vehicles. For example, an employee may need to know the condition of one of the company’s fleet vehicles before using it. Such as where it is currently located, who used it last, and how much fuel is left in the vehicle.

Another benefit that could enhance business operations is allowing engineers to access data when out in the field. By doing so, they will be able to view all historic and maintenance data regarding the asset, thus effectively speeding up the process.

Q A
Can I Replace my Asset Management Spreadsheet with a Software Solution?

One benefit of AMS is to eliminate the need for an asset management spreadsheet and allow business operations to run more efficiently.

Although downloading a spreadsheet template to manage asset data may seem like a good idea in the early stages of a business, it may soon become overrun with data and errors as the company grows.

By continually adding asset data manually to a spreadsheet, the risk of human error also increases. On average, in 2015, fraud and human error were costing businesses in the UK £98.6 billion a year.

However, in less asset-heavy and smaller businesses, an asset management spreadsheet might be the best choice. But, it is the lack of features, when compared to an asset management software solution that could eventually lead to inefficient asset data handling. Such effective features that you wouldn’t find in a spreadsheet would be the ability to track assets in real-time and restricted access to data via a cloud-based app.

Q A
What is the Asset Life Cycle and is it Important?

Having the ability to better understand the asset life cycle is just one crucial benefit of AMS. Having this life cycle knowledge of your business assets allows for a much more detailed analysis of asset trends. These trends can be useful for effectively planning the acquisition of future assets, to knowing the reliability of each asset to produce an efficient maintenance and repair schedule.

An asset life cycle can effectively be broken down into four stages:

Planning. By being able to analyse the data of business operations and previous assets, a business can identify what asset is needed and plan how this asset would add value to the company.

Acquisition. Once an asset is identified as important to the business, it is then acquired. From this early stage, the asset can be tracked and effectively managed.

Operation & Maintenance. Once the asset has been implemented into the business, it can then perform in business operations. An asset will then spend most of its life cycle operating at an optimal level, which can be achieved with an effective maintenance and repairs schedule.

Disposal. Once an asset has either served its purpose or is beyond repair, it is disposed of. But, if there is still a purpose for this type of asset in the business, the cycle starts again.

Q A
Would Open Source Asset Management Software Benefit My Business?

A great way of making sure you have the right system in place for your business is by implementing an open-source asset management software. The idea of open-source software is to let the buyer view the original source code and allow them to modify it to suit their needs. As opposed to proprietary software, which is usually a closed and un-editable source.

Implementing open-source asset management software can benefit a business in many ways, including cost efficiency and personal brand restyling of the software application.

Having an open-source software application can also allow for your own customised and speciality privacy features to be installed, increasing security and usability to the entire asset management system.

Other benefits can include increased control and workflow, a structured data system, and more flexible functionality.

As most modern mobile and cloud technology is predominately built on open-source infrastructure, an open-source application can also be seen as a good investment for the future.

Q A
How Secure is Asset Management Data in a Cloud Solution?

With cloud-based software solutions becoming a more popular choice for software vendors, many businesses may be concerned about the security of their asset management data. These concerns can range from third-parties handling sensitive data to a complete loss of all asset data and information.

However, with advancing technologies these concerns are becoming less apparent. For example, most cloud-based software vendors boast top-of-the-line encryption tools and support new GDPR compliance. It is also common for vendors to have experts in place for 24/7 surveillance to combat any form of cyber attack.

It is also important to note that cloud-based software vendors build their entire business around cloud computing. Which means your asset management data is just as important to the vendors as it is to you.

When comparing a cloud-based software application with an on-premise solution, it is generally seen as a much more secure option. With constant auditing and regular updates being made available to improve data security.

Q A
What is the difference between asset management and asset tracking?

The term asset management and asset tracking are closely related yet different.

Asset Management is management of assets throughout its life cycle. Planning, Budgeting, Operational Management, Maintenance Management, Service Management and Disposal are the key milestones addressed by asset management. Often the term is associated with management of assets that are fixed or less movable. For example; commercial facilities, industrial plants, properties, capex-heavy equipments, infrastructure assets like roads, highways and bridges.

Asset Tracking on the other hand relates to knowing the exact location, user and status of your assets. Hence Asset Tracking is part of Asset Management. The term is also used to track movable assets. Quite often to track equipment, inventory and fleet. Assets moving in and out of premises. Assets moving from one project/location to another. Assets moving within a defined/undefined process are examples of Asset Tracking.

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